Wednesday, October 10, 2018

Seattle Real Estate in September: Sales Down 29% YoY, Inventory up 78% YoY

by Bill McBride on 10/10/2018 12:46:00 PM

The Northwest Multiple Listing Service reported Balance "finally returning" to housing market as buyers welcome more choices, moderating prices (ht Tom Lawler)

Housing inventory continued to improve during September while the pace of sales slowed in many counties served by Northwest Multiple Listing Service. "Balance is finally returning to the market, and with it, slowing home price growth," stated OB Jacobi, president of Windermere Real Estate.

A new report from Northwest MLS shows double-digit increases in inventory in several of the 23 counties it serves, led by a 78 percent year-over-year gain in King County. Despite improving selection in the central Puget Sound region, a dozen counties reported drops in the number of active listings compared to last year.

System-wide, the month ended with 2.56 months of supply of single family homes and condos, well below the 4-to-6 months analysts use as an indicator of a balanced market between sellers and buyers. The current level is the highest since February 2015 when member-brokers reported 3.56 months of inventory. In King County, supply exceeded two months for the first time since January 2015.

Closed sales also reflected slower activity. Members reported 7,630 completed transactions during September, down 18.6 percent from the year-ago volume of 9,371. Through nine months, this year's closings are down 4.4 percent compared to 2017. [King County sales down 28.5% YoY]
emphasis added
This is another market with inventory increasing sharply year-over-year, but months-of-supply in Seattle is still on the low side at 2.8 months.